You know exactly when to expect a paycheck, as opposed to getting paid on different days of the week.īetter budgeting: You may be able to plan your expenses better when you can expect a relatively consistent paycheck every other week. More consistency: Paydays happen on the same day every other week, making this pay cycle very consistent. Occasionally receiving three paychecks in one month can benefit you, especially if you're an hourly employee. More paydays: Biweekly paychecks mean you get two more paychecks per year than semi-monthly pay. Here are some advantages of receiving biweekly pay: Read more: Differences Between Semimonthly and Biweekly Pay Schedules Advantages of biweekly pay You can also apply this same idea if you're hourly, as long as you factor in any overtime hours you work during a pay cycle. Biweekly paydays mean you get less on each paycheck but have more paydays. Semi-monthly paydays mean you receive more per paycheck, but there are fewer paychecks. Here's an example of how semi-monthly and biweekly pre-tax paydays compare if you make $30,000 per year: The paychecks are slightly higher to compensate for receiving fewer of them throughout the year. Semi-monthly pay results in 24 paychecks instead of 26 for biweekly pay. For example, a company might pay its employees on the 15th and 30th of every month. For semi-monthly pay, companies set two specific days of the month they pay employees. While biweekly pay means you receive payment every other week, semi-monthly pay means you receive payment twice a month. semi-monthly payīiweekly and semi-monthly pay are similar, but there's a key difference. Related: What Is a Salaried Employee? Salaried vs. That's why it sometimes takes three weeks to receive your first paycheck after starting a new job, even if your payroll is biweekly. Employers usually disburse paychecks five days after a pay period to process the hours worked and deduct taxes. For hourly employees, the amount they get per paycheck varies. Salaried employees receive the same amount per paycheck. For example, some employers could pay employees every other Friday. Related: How To Determine Your Annual Income How does biweekly payroll work?īiweekly pay works by having an employer choose a specific day to pay employees. This is one of the most common pay periods employers use due to its convenience. Sometimes, you might receive payment three times in one month, depending on the pay schedule. This means you receive a paycheck 26 times a year, usually twice a month. What does it mean to receive payroll biweekly?īiweekly payroll is when you receive payment every other week on a specific day. In this article, we define biweekly payroll, describe how it works, compare it to semi-monthly pay and offer advantages and challenges to help you determine if this payment schedule works for you. Learning about this payment type and how it compares to other payment schedules can help you select a job matching your budgeting and lifestyle preferences. Many employers issue payroll biweekly, which can involve receiving your paycheck every other week. Whether you're looking for a new job or have just started one, it's important to know how often you may receive payment.
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